- The new project will mean that small to medium-sized enterprises in the UAE can enjoy benefits such as improved cash flow management.
- The partnership with Visa means that the cards can be used online and also around the world.
- “We remain committed to supporting UAE SME businesses and the economy during this difficult time by developing innovative products and services,” said a senior figure at Emirates Islamic.
A major financial institution in the United Arab Emirates has announced that it will offer some of its client’s free business debit cards.
Emirates Islamic said that it would offer the cards to small and medium-sized enterprises (SMEs) – and that it was doing so as part of its efforts to help such clients during the coronavirus pandemic.
The ‘Business Banking debit card’ is a way for customers to manage their cash flow, and offers a chance for small firms to take cash out of ATMs in the Emirates Islamic network.
Thanks to a partnership between the firm and Visa, it will be possible for the cards to be used on the web and in various retail environments across the globe – meaning that there could be a cross-border payments aspect to the card for some clients.
The card can also be integrated with leading wallet providers such as Samsung Pay and Apple Pay.
The card also comes with a range of protection measures designed to stop customers falling victim to crime – such as purchase protection coverage for stolen items.
According to Wasim Saifi, who is the deputy chief executive officer at Emirates Islamic, the project is part of the firm’s commitment to “developing innovative products”.
“We remain committed to supporting UAE SME businesses and the economy during this difficult time by developing innovative products and services that address their challenges while ensuring that customer excellence remains at the heart of our proposition,” he said.
Syed Ghazanfar Naqvi, who is the head of Business Banking at Emirates Islamic, added that the card was a “seamless, digital alternative” to other methods.
“Our Business Banking debit card offers SME clients, including LLCs, a convenient way to manage their business expenses efficiently, providing them a seamless, digital alternative to withdraw cash,” he said.
In a press release, Emirates Islamic outlined more information about its history, including its heritage as an SME-friendly business, and as a “preferred bank for UAE national entrepreneurs”.
“In 2019, Emirates Islamic was named ‘Best SME Bank’ at the Enterprise Agility Awards, presented by du, in recognition of its innovative and business-friendly proposition for small and medium enterprises (SMEs), and its status as a preferred bank for UAE national entrepreneurs seeking Shari’a-compliant products and services for their businesses,” it said.
“Emirates Islamic currently supports the banking needs of more than 46,000 UAE-based SMEs, and its Business Banking segment saw double-digit growth in 2019,” it added.
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